Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials 26 Direct labor 15 LA tA tA tA Variable manufacturing overhead 15 Variable selling and administrative 2 Fixed costs per year: Fixed manufacturing overhead $560, 000 Fixed selling and administrative expenses $110 , 000 During its first year of operations, O'Brien produced 95,000 units and sold 78,000 units. During its second year of operations, it produced 84,000 units and sold 96,000 units. In its third year, O'Brien produced 86,000 units and sold 81,000 units. The selling price of the company's product is $77 per unit. 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first): a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Check my wor During Its first year Of operations, U Brien produced yo,UVU units and sold /8,UVU units. During Its second year or operations, it produced 84,000 units and sold 96,000 units. In its third year, O'Brien produced 86,000 units and sold 81,000 units. The selling price of the company's product is $77 per unit. of 4 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first): a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. bok Req 3A Req 3B int Compute the unit product cost for Year 1, Year 2, and Year 3. (Round your intermediate calculations and final answers to 2 decimal places.) Unit Product rences Cost Year 1 Year 2 Year 3 DII DD A F 10 80 F9 F7on in the previous attempt. 3 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first): a. Compute the unit product cost for Year 1, Year 2, and Year 3. Part 3 of 4 b. Prepare an income statement for Year 1, Year 2, and Year 3. 2.5 Complete this question by entering your answers in the tabs below. points Req 3A Req 3B eBook Prepare an income statement for Year 1, Year 2, and Year 3. (Round your intermediate calculations to 2 decimal places.) O'Brien Company Print Absorption Costing Income Statement Year 1 Year 2 Year 3 References 0 0 $ o $ o $ 0 Req 3A Req 38 Mc Graw Hill